2013
12/26

Category:
Debt Settlement

TAG:

COMMENTS:
Comments Closed

Cypress Hills Assets Corp. Makes Announcement Consolidation Associated With Shares, Exclusive…

VANCOUVER, BRITISH COLUMBIA–(Marketwired – 12 ,. 17, 2013) –

DESIGNED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR EVEN FOR DIFFUSION IN THE UNITED STATES

Cypress Hillsides Resources Corp. (the Company) (TSX OPPORTUNITY: CHY) expects to combine its exceptional common stocks on a 3: 1 basis. There are currently 11, 534, 807 shares outstanding and, following the loan consolidation, there will be approximately 3, 844, 936 shares outstanding.

Following the combination, the Company hopes to:

  1. Carry out a non-brokered exclusive placement financing of up to 1, 777, 777 common shares at $0. 1125 each and every for aggregate gross profits of up to $200, 000; and
  1. Decide certain exceptional debt, including shareholder financial loans of $154, 303 in addition to flow by means of tax related liability associated with $210, 488, by the issuance of common shares in $0. 1125 per discuss.

Because further explained in the management information spherical of the Corporation dated Oct 16, 2013, Ted J. Fostey, Leader and Chief Executive Officer of the Company, is expected to directly or indirectly be involved in the personal placement plus debt settlement (including the arrangement of approximately $250, 000 indebted held indirectly by Mr. Fostey) and is also as a result of such participation expected to become a Handle Person (as defined in the policies from the TSX Venture Exchange) from the Company holding approximately 34% of the then issued plus outstanding typical shares in the Company.

Shareholder approval for that share combination as well as the exclusive placement and settlement of debt whereby Mr. Fostey would indirectly participate and be a Manage Person were obtained on the annual in addition to special gathering of shareholders held about November fourteen, 2013. Almost all securities issued under the personal placement and debt settlement will be subject to the four month hold time period from the time of issue. The combination, private placement and debt consolidation are susceptible to the finalization of all of the necessary documentation as well as the receipt regarding regulatory mortgage approvals.

None the TSX Venture Exchange nor its Regulation Providers Provider (as that expression is defined in the plans of the TSX Venture Exchange) accepts obligation for the adequacy or accuracy of this release.

FORWARD-LOOKING STATEMENTS

This press release includes forward-looking statements or information (forward-looking statements) within the that means of applicable securities regulations. The use of one of the words may, expects, think, plans, potential and comparable expressions usually are meant to identify forward-looking statements. A lot more particularly without limitation, this press release includes forward-looking claims concerning the consolidation of gives, debt settlement and placement.

The particular forward-looking statements in this pr release are based on certain key anticipation and presumptions made by the Company, including the sales receipt of all essential approvals, which include but not restricted to: effecting typically the consolidation from the Corporations frequent shares over a 3: 1 basis; finishing the personal placement in addition to debt settlement; and obtaining required regulatory approvals including the acceptance of the TSX Venture Exchange. There is no confidence that these anticipations and presumptions will be fulfilled or happy and there is as a result no guarantee that the combination, private placement and debt settlement will be completed.

Since forward-looking statements tackle future events and problems, by their very nature they will involve natural risks plus uncertainties. Real results may differ materially from those currently anticipated due to a quantity of factors in addition to risks. These include, but are not really limited to the risks relating to the failure to obtain necessary regulating approvals required in order to proceed with the consolidation of shares, debt settlement and placement. More information on these and other factors that could affect the operations or financial results of the Company usually are included in the Companys managements dialogue and research and other documents filed with applicable investments regulatory regulators and may become accessed through the SEDAR site (www.sedar.com). Typically the forward-looking statements contained in this particular press release are made as of the particular date hereof and the Organization undertakes simply no obligation to update openly or modify any forward-looking statements, whether or not as a result of fresh information, upcoming events or else, unless therefore required simply by applicable investments laws. The forward-looking claims contained in this press release are usually expressly competent by this cautionary statement.

Comments are closed.